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Vice-President, National Sales
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
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Lower Mainland, Island and northern British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
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Select a location from above to display BDMs
Contact a BDM
Vice-President, National Sales
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
Headshot of Jason Provencher
Lower Mainland, Island and northern British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Headshot of Yvonne Futter

Refinancing to pay off a high interest second mortgage

Jason is a salaried government worker who’s been in the same job for many years. When Jason’s wife suddenly fell ill, he took on a lot of costs caring for her. These bills went into default and then sadly, Jason’s wife passed away. Her funeral expenses were too high to pay out of pocket after all the medical bills he had been paying.

Jason took out a second mortgage on the house to pay for the funeral and now he is ready to refinance his home in order to pay off that second mortgage as the interest rate is very high.

deal scenario 3 deal snapshot

Solution:

Jason spoke to his mortgage broker who sent the deal to Bridgewater Bank, knowing Bridgewater’s Gateway suite of products would offer a solution. With a 2-year term, Jason will be able to pay off his second mortgage and defaulted debt and then move into a lower rate mortgage in the future.

Term 2 year
Amortization 25 years
Rate 4.69%
Loan amount $337,500
LTV 75%
GDS/TDS 31.03%/31.28%
Fee 1% ($3,375)
Finders fees paid to broker 70 bps
Turnaround time Commitment: 1 day; Funding: 23 days

 

 

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